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533 credit score and $43,000 in the hole, is there anything I can do?
I have a 533 credit score and I have $43,000 of total debt and 4 things that have gone to collections. My husband and I have had a really hard time recently and I haven't been able to pay back my student loans or pay on credit cards. We're only just now starting to get back on our feet and would like to rent an apartment, or maybe get a mortgage... However I'm not even able to be approved for a credit card. Is there anything I can do? I don't have the money to pay $43,000, even in monthly installments (they want close to $500 a month, and we just don't have that kind of money to spend)
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Question By
miraspyte

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If you can't pay the accounts you already opened then you shouldn't be trying to open new ones.

I suggest you start small, pay off the little ones that are willing to DELETE.

The big ones is a tough call since they usually will want a significant amount of $ - on time - every month to keep you in check.

Save up for a secured card and start there but first try and fix as many of the smaller items on your own while "ignoring" the big ones. If you ignore them long enough they'll either sue you or let it go.

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Response by
fixthisnow

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DO NOT SETTLE! That advice can cost you since it will post on your credit report. Moreover, if you do settle your amounts then you will never be able to open your accounts without paying off the difference (ie your org amount). Just pay over time and develop a plan to dig your way out. Good Luck!

Response by
actsdc101

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Start with the basics,  Write down all your accounts  , pay the important ones, like power water, rent, budget money for food then pic just one bill.  Try to talk to the original creditor and see if they will resolve with a settlement.  Most of the time if a bill has gone to collections it has been sold for pennies on the dollar.  Most of the time you can write a pay for delete letter and get it removed from you credit for less then you owe.  Dont get over whelmed buy the totla .  Start with one and move to the next.  Also you need to write validation letters to the Collections, most of the time they dont have all the right info and if they dont validate the debt in 30 day they have to delete it and they go away.  Not always but most of the time.   Good luck and dont look at the big number just brake it down!!! 

Response by
crazy3three

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Greenpath credit couselors.  Highly recommended.

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Response by
nandog

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